Shares of Nebius GroupNvidiaMicrosoft
Amsterdam-based Nebius will delivery computing resources to Microsoft using a data center in New Jersey, according to a press release. Nebius changed its name from Yandex NV last year after Russian investors bought Yandex’s Russian-language search engine and other assets.
Microsoft is increasingly looking to third parties to meet demand for cloud infrastructure, particularly in AI. OpenAI, one of Microsoft’s top Azure cloud customers, has been searching for additional capacity as users ramp up their adoption of ChatGPT.
Microsoft has also turned to CoreWeave for additional AI computing power, and OpenAI has signed a direct agreement with CoreWeave that’s worth billions of dollars.
CoreWeave shares were up about 5% after hours, while Microsoft shares were little changed.
Nebius said it’s looking at financing options to grow faster than it had planned, according to a statement.
Founded in 1989, Nebius said in November that it has opened office space in San Francisco, Dallas and New York as it expands in the U.S.”
Growing our presence in the US means we can be closer to our customers and support innovative American AI businesses on their journey into the future,” the company wrote in a blog post at the time.
Prior to the post-market pop, Nebius had already more than doubled in value this year, closing on Monday with a market cap of just over $15 billion.